In the midst of a downturn in the stock market, numerous Indian firms are experiencing significant losses in value. The combined market valuation of eight of the top ten most valued companies dropped by Rs 1,65,180.04 crore last week. Additionally, the State Bank of India (SBI), the largest government bank in India, saw a decline of Rs 34984 crore over four days (Monday to Thursday) as its shares fell by 4.62 percent. This put SBI among the companies most affected by the weak performance in equities. The market capitalization of SBI decreased by Rs 34,984.51 crore, bringing it down to Rs 7,17,584.07 crore. On November 14, its share price settled at Rs 805.95.
During the previous week, the BSE benchmark Sensex experienced a drop of 1,906.01 points, or 2.39 percent. The equity markets were closed on Friday in observance of Guru Nanak Jayanti. The market capitalization of Mukesh Ambani’s Reliance Industries decreased by Rs 22,057.77 crore, resulting in a total of Rs 17,15,498.91 crore.
Reliance Industries remains the most valuable domestic company, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC, and Hindustan Unilever. Recently, SBI raised the marginal cost of fund-based lending rate (MCLR) for three tenors by 5 basis points starting November 15. According to the updated rates, the MCLR for three months rose from 8.50% to 8.55%, the six-month MCLR from 8.85% to 8.90%, and the one-year MCLR from 8.95% to 9%. This marks the third increase in MCLR within the last three months. Consequently, loans and equated monthly installments (EMIs) will become more expensive for its clients.
